Price is testing our first support in line with our horizontal swing low support, 61.8% fibonacci retracement and 127.2% fibonacci extension where we could see a bounce above this level to our first resistance level. Stochastic is approaching support as well, where we could see a bounce above this level, in line with our bullish bias.
Trading Recommendation
Entry: 1693.85
Reason for Entry:
Horizontal overlap support, 78.6% fibonacci retracement and 78.6% fibonacci extension
Take Profit: 1723.38
Reason for Take Profit:
horizontal pullback resistance, 61.8% fibonacci extension and 50% fibonacci retracement
Stop Loss: 1674.73
Reason for Stop Loss:
127.2% fibonacci extension, horizontal swing low support
